This website uses cookies to improve your browsing experience. By continuing to use this website you agree to our use of cookies. For more information on our use of cookies, click here to review the Cookies Policy.。
On 27 June 2001, the Legislative Yuan amended the Business Tax Law, and changed its title to Value-Added and Non-Value-Added Business Tax Law. Such amendments, with effect as of 1 January 2002, contain the following major points:
Business tax on imported goods will be due at the time of importation, instead of being de-ferred as at present, and will be collected by Customs. This will tie up funds and increase operating costs for importers if they are unable to sell goods promptly.
For a period of four years from January 2002 to December 2005, the business tax paid by banks, insurance companies, trust and in-vestment companies, securities companies, futures companies, bills finance companies, and pawnbrokers will be paid into the Execu-tive Yuan's financial services restructuring fund, to be used to deal with financial institu-tions that are in difficulties. Income from fi-nancial services business will be exempt from business tax from January 2006.
Business operator who fails to file sales reve-nue statements or uniform invoice records on time, but files within 30 days after the filing deadline, will be subject to a late filing penalty of 1% of the tax due for every two days by which filing was overdue, but not less than NT$400 and not more than NT$4,000. Where filing is overdue by more than 30 days, the business operator will be subject to a non-filing penalty of 30% of the assessed due tax, but not less than NT$1,000 and not more than NT$10,000. If the tax liability is zero, the late filing penalty will be NT$400 and the non-filing penalty NT$1,000.
